The answer is a "yes", but with a very large "... but-" following it.
It's doable, yes. ... But it would require a lot of work. Basically any object that is pullable with the hookshot would need be scripted. I mean, you could have it interact with non-scripted objects, but that would be somewhat messy, so it'd be easier to script your blocks and combos you want the hookshot to interact with. For your eample of a block being pulled by the hookshot to form a walkaway, the script would do... something long these lines. Every frame, it would scan all the lweapons on screen, looking for the hookshot head. If it find a hookshot head, and it's colliding with it, set its state to grabbed. As long as state is grabbed and the hookshot head is still valid (it hasn't disappeared because Link has retracted it fully), set its x and y position to the hookshot head's. Once the head is no longer valid, time to make a decision. Check the combo it's on. If it's a pit combo, change the pit combo to a walkway combo, then vanish. Otherwise, go back to being an ungrabbed block, ready to be grabbed again. To be solid while it's not moving, assuming you want it staying aligned with the grid, it would just need to place a solid combo underneath it.
All this is to say yes, it's doable. But it's somewhat complicated. Any such object would basically need to be made specifically for the quest, and any scripter who decided to do it would need very precise instructions from you on exactly how it would work and what it would do. If you're thinking about trying it yourself, I might advise trying your hand with some simpler stuff first, to get a handle for the kind of tricks it takes. Not to say you couldn't, just that it'd be a heck of a project to dive into right off the bat.